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Obama: Financial advisers must act in clients' best interest
Obama: Financial advisers must act in clients' best interest

President Barack Obama on Monday proposed tougher regulations on investment brokers who handle retirement funds, saying it is time to curb hidden fees, "back-door" payments and conflicts of interest that eat into middle-class Americans' savings. The proposal would have broad ramifications for Baltimore's financial services industry, including global money manager T. Rowe Price and a host of boutique investment advisory firms that manage billions of dollars on behalf of clients. Obama unveiled the proposed rules — a revival of an effort quashed amid industry opposition four years ago — as part of a renewed focus on a populist economic message. Standing with...

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